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The Solow Model of Economic Growth - Application to Contemporary Macroeconomic Issues (Hardcover)
Loot Price: R3,732
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The Solow Model of Economic Growth - Application to Contemporary Macroeconomic Issues (Hardcover)
Series: Routledge Studies in Economic Theory, Method and Philosophy
Expected to ship within 12 - 17 working days
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In 1956, Solow proposed a neoclassical growth model in opposition
or as an alternative to Keynesian growth models. The Solow model of
economic growth provided foundations for models embedded in the new
theory of economic growth, known as the theory of endogenous
growth, such as the renowned growth models developed by Paul M.
Romer and Robert E. Lucas in the 1980s and 90s. The augmentations
of the Solow model described in this book, excepting the Phelps
golden rules of capital accumulation and the Mankiw-Romer-Weil and
Nonneman-Vanhoudt models, were developed by the authors over the
last two decades. The book identifies six spheres of interest in
modern macroeconomic theory: the impact of fiscal and monetary
policy on growth; the effect of different returns to scale on
production; the influence of mobility of factors of production
among different countries on their development; the effect of
population dynamics on growth; the periodicity of investment rates
and their influence on growth; and the effect of exogenous shocks
in the form of an epidemic. For each of these issues, the authors
construct and analyze an appropriate growth model that focuses on
the description of the specific macroeconomic problem. This book
not only continues the neoclassical tradition of thought in
economics focused on quantitative economic change but also, and to
a significant extent, discusses alternative approaches to certain
questions of economic growth, utilizing conclusions that can be
drawn from the Solow model. It is a useful tool in analyzing
contemporary issues related to growth.
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